Question 2 30 Marks Mrs Angie Simon owns properties in and around Windhoek that are leased out under her solely owned enterprise. Her property portfolio includes both the letting of residential and commercial property, of which the accountant provided you the portfolio setting out supplies as follows: Commercial rentals N$5 420 305 Residential rentals N$2 359 000 Total Lease Income N$7 779 305 Assume that the correct apportionment ratio as determined by NAMRA is in line with the lease income split of Mrs Angie Simons enterprise as indicated above. Angies additional income and expenditures for the 2-month tax period ending 28 February 2022 are as follows (all amounts are inclusive of VAT): Other Income Note: Amount N$ Interest charged on overdue rentals from commercial property 65 044 Interest charged on overdue rentals from residential tenants 28 308 Insurance payout 1 273 500 Expenditure Interest on mortgage bond 770 151 Levies paid (all relate to residential property) 471 800 Security 235 900 Telephone & Internet Services 2 5 570 Cleaning Services 3 450 Repairs 3 208 400 Maintenance 42 600 Bank Charges 622 344 Audit fees 155 586 Wages 580 970 Insurance premiums (for all property) 45 100 Legal expenditure for new lease contracts; Commercial tenants 12 500 Residential tenants 24 670 Bad debts 4 12 700 Entertainment expenditure 5 2 430 Notes: 1. The insurance settlement was for fire damages to two separate buildings. A commercial property suffered fire damages, resulting in a pay-out of N$ 235 000. A second fire caused damages to a residential property, of which compensation of N$ 38 500 was paid out by the Insurance Company. 2. Angie pays the general managers telephone account. The general manager has to make business calls on a regular basis. The general manager indicated that 70% of his calls were for business purposes. The telephone bill for the 2-month period was N$ 2 125. Wi-Fi and Internet services amounted to N$ 980, Angie incurred N$ 1 450 worth of calls, of which 80% were for business purposes. 3. It cost N$ 180 000 to repair the burnt down commercial property and N$ 28 400 to repair the residential property. 4. Bad debts are made up of N$ 7 400 written off for residential tenants and the rest to commercial tenants. 5. Angie Simon takes the Auditors and the lawyer to lunch from time to time. REQUIRED: Calculate the VAT payable/refundable by or to Mrs Angie Simons enterprise for the 2-month period ending 28 February 2022. (30 marks)